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Supply chain management is proving to be one of the blockchain killer applications. Many large companies have already started to implement generalized accounting technologies, so that they can get better visibility of their supply chains and product inventories. Walmart and Maersk are two examples of companies that made the transition in 2018. Both companies collaborated with IBM on customized distributed supply chain accounting platforms. Together with their supply networks, these solutions allow them to establish a single source of truth that describes what assets are where and with whom – all in real time.
However, these are the first iterations of technology. Although they can offer business benefits such as reduced product reduction, custom authorized registries have some disadvantages. They are private blockchains, in the sense that they lose the benefits of the lack of trust provided by an authentically decentralized blockchain ecosystem.
Moreover, from the consumer's point of view, there is almost no advantage. Companies that use private blockchains can still cover the supply chain in the event of a security scandal, such as the recently reported Johnson & Johnson Baby dust asbestos cover-up. The same is true if they procure unsustainable goods or use unethical suppliers, as was the case with many clothing retailers.
I introduce you to Temco
There is a new revolutionary solution for supply chain management able to solve the problems of visibility and decentralization of consumers. Temco is launching an application that offers complete end-to-end visibility of the product supply chain lifecycle that consumers can use, and is based on Bitcoin's blockchain.
Temco uses smart contracts and smart tags to track and track a product from start to finish until final delivery to the final consumer. Each participant in the supply chain can access the Temco platform using a simple app interface.
I fear in action
First of all, everyone except the consumer will have to undergo a verification process initiated by Temco. Once verified, they can then start participating in the supply chain process.
The platform is for SMEs, so let's imagine an online retailer selling tea and coffee. The retailer is eager to ensure that its products are sustainable and ethically purchased. To demonstrate this to consumers, the retailer, the fair trade coffee supplier and the shipping company are all verified as suppliers on the Temco platform.
When the supplier has the coffee beans to send, he prints a QR code generated by the Temco app and connects it to the coffee bean box. The shipping company scans the QR code using their Temco app, which activates an intelligent contract that transfers the ownership of the coffee to the courier. The reseller scans the QR code once the shipment is received, confirming receipt.
When a consumer places an order, the retailer can add another QR code to a single bag of coffee and send it to the consumer informing him that the shipment has been tracked using Temco. The consumer can download the app, scan the QR code and see for himself the whole journey of his coffee. They can also leave a review of their experience so that other users can see for themselves that a retailer's supply chain network is verified and reliable.
In addition to benefits for the consumer, participants can also reduce the risk of loss or theft of the product during the shipping process because they can see in real time where their shipments are located. Temco also includes temperature sensing technology integrated with the IoT sensors, which means that even perishable products are traceable. Suppliers can also leverage platform data analysis to identify opportunities for improvement in supply chain efficiency.
RSK Smart Contract Platform – powered by Bitcoin
By itself, Bitcoin does not offer the same intelligent contract functionality as distributed application platforms (DApp) such as Ethereum or EOS. However, RSK has now changed all that. RSK was developed by a company called Rootstock. It is a layer of intelligent contract, with a main network that was launched in January 2018 as a side chain of the Bitcoin blockchain.
RSK has its own currency called Smart Bitcoin (SBTC) which is anchored to BTC. Bitcoin blockchain can not verify transactions on a side chain, so when a transaction occurs, BTC is locked on the Bitcoin blockchain and a corresponding amount of SBTC is released on the RSK sidechain.
Using RSK, developers can create contracts and intelligent applications using Solidity, the same programming language as Ethereum. While Bitcoin has been indicted for being slow with seven transactions per second, RSK can scale more than fourteen times faster, at the same speed as the PayPal network.
Temco has chosen RSK as a development platform because Bitcoin is the oldest, most reliable and reliable blockchain network. It comes with a supportive community and the introduction of Turing's comprehensive smart contracts offers opportunities for further significant growth. The use of RSK means that the Temco platform offers all the advantages of decentralization achieved by the Bitcoin blockchain.
Next steps
The Temco platform is currently under development. A beta version, as well as a business model for the luxury goods market, is scheduled for 2019. The first round of the Temco token presale sold out in just two seconds, indicating that investee investors were very confident in the need for a consumer supply chain platform. Temco will be one of the projects to keep an eye on in 2019.
For more information, visit the Temco website or download the white paper.
